PetroNeft Successfully Completes Arbuzovskoye Well

PetroNeft Resources reported Friday that it has successfully completed its Arbuzovskoye well 112 on Licence 61 in the Tomsk Oblast, Russia, while well 105 is currently drilling ahead.

PetroNeft said there was no water production associated with well 112, which had an initial flow rate of 140 barrels of oil per day. The well is currently shut in for pressure build-up testing.

Production from two Arbuzovskoye wells has been temporarily reduced by around 300 bopd due to mechanical issues, but the firm expects this will be fixed by work over or pressure maintenance.

PetroNeft added that total production on the license is running at 2,600 bopd – which excludes the 400-plus bopd potential from well 112 and the two mechanically-reduced Arbuzovskoye.

PetroNeft Resources CEO Dennis Francis commented in a statement:

"The initial flow rate on well 112 is encouraging and the fact that there is no water production bodes well. We continue to delineate the field and hope to alleviate the issues with the two Arbuzovskoye wells in the coming weeks. We also look forward to completing further wells in Arbuzovskoye and implementing the planned pressure maintenance programme over the coming months."


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